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What correcting entry if any should make

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Your calendar year firm accrues salary at year end as follows:

Salary Expense $24,000

Accrued Salaries $24,000

On January 4, 2007, your firm pays salary of $28,500, which includes the $24,000 in accrued salaries, but the payment was mistakenly recorded as follows:

Salary Expense $28,500

Cash $28,500

Problem 1: What correcting entry, if any, should you make?

a. Accrued Salaries $4,500

Cash $4,500

b. Salary Expense $4,500

Accrued Salaries $4,500

c. Accrued Salaries $24,000

Salary Expense $24,000

d. No entry is needed

Reference no: EM132756338

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